The first film’s directors Jennifer Lee and Chris Buck are developing the project with producer Peter Del Vecho for Walt Disney Animation Studios, which took home the Oscar for animated feature for the film. A release date and production details are yet to be announced.
John Lasseter, chief creative officer of Walt Disney and Pixar Animation Studios, made the announcement with Disney chief Bob Iger, and Josh Gad, who voices the character of Olaf in Frozen.
The announcement is not only good news for Disney, toy company investors bid up shares of Mattel and Hasbro on expectations that the two would benefit from sales of new Frozen related merchandises. Mattel shares were up 5.7% at $26.01 while Hasbro erased earlier losses to trade 1.4% higher at $61.62.
Sales of Frozen dolls have helped offset the weak demand for Barbie dolls at Mattel in recent quarters. However, the licence to make Frozen and other Disney princess dolls will go to Hasbro beginning in 2016.